Goldplat* (GDP.L) - BUY Mining Licence Received at Kenyan Gold Project Event Goldplat has announced that a 21 year Mining Lease for the Kilimapesa Gold Mine in Kenya has been issued.

Kilimapesa will be Kenyas first gold project to receive a Mining Lease since the countrys independence in 1963.

The Kenyan Mining Act was formulated in 1940 however it has been much revised in recent years with the objective of bringing it into line with international practice. Development at the mine has continued during the mining licence application process and Goldplat will now expand development and construct an elution plant - enabling production of gold bullion on site. Implication The granting of a mining licence is a significant milestone for Goldplats Kenyan operation as it removes the considerable uncertainty over the timing of a sustainable production contribution from Kilimapesa.

Trial production at Kilimapesa began in 2009 however regulatory hurdles have hindered full production.

The granting of the mining licence is of critical importance to getting Kilimapesa into optimal production. Within the Goldplat financial model WH Ireland are assuming c3000 oz of annual production (company estimate c5000 oz) from Kilimapesa with contributions from both development and production ore and artisanal tailings.

From production and development ore WH Ireland are assuming grade of 2.2 g/t, which is below resource grade (2.44 g/t).

WH Ireland are anticipating full scale production from Kilimapesa in H2 of the current fiscal year. Exploration work at Kilimapesa is continuing with Goldplat reporting that two vein systems have been extended along strike.

The current booked JORC resource at Kilimapesa stands at 1.65Mt at 2.44 g/t for 129,000 oz (1 g/t cut-off).

We believe this resources number has significant scope for upward revision as exploration work continues and the geological thesis is further established through accelerated development activities. Investment Opinion With the granting of this mining lease, Goldplat continues to make progress towards adding significant mining assets to its portfolio.

The company has a long history of profitability and is highly cash generative.

Goldplat is a compelling investment case on an asset, earnings and prospectivity basis.

BUY ________________________________ * WH Ireland acts as broker and advisor to this company
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